Fringe Benefits Taxation 2019

From training and tuition to insurance coverage, meals and lodging, employer-provided benefits may be valuable perks for employees. There are a number of benefits that can be fully or partially excluded from taxable wages, but the rules for exclusion vary for different benefits and even for different taxes with regard to the same benefit. The rules are complex and can be confusing.

In addition, the tax reform provisions of the 2017 Tax Cuts and Jobs Act (TCJA) changed the rules for a number of popular benefits. Some benefits that could be excluded from employee wages prior to the TCJA are now taxable and for some benefits, employers may no longer deduct some or all of the cost. 

Join this session by expert speaker Patrick Haggerty where he will differentiate between taxable fringe benefits and benefits that may be excluded from employee wages.

Session Highlights:

• Identify changes to fringe benefits under the 2017 tax reforms and the impact of those changes
  

• Recognize how to use IRS literature to assist in administering taxable fringe benefits in terms of valuation, inclusion in income, and the computation, withholding, deposit, and reporting of taxes
  

• Describe the requirements for an accountable expense reimbursement plan
  

• Identify correct statements with respect to taxable fringe benefit reporting
  

• Describe which type of fringe benefit is taxable with respect to Federal Unemployment Tax
  

• Recognize examples of de minimis benefit and how they qualify for fringe benefits
  

• Describe correct statements regarding sick pay
  

• Identify the 2019 business mileage rate
  

• Describe which form to use for fringe benefits for an independent contractor
  

• Recognize which type of fringe benefit is exempt from income tax withholding in all circumstances (i.e., there are no exceptions)
  

• Identify an example of a working condition fringe benefit
  

Why You Should Attend:

This course covers the important changes tax reform brought to fringe benefits as well as provides an overview of common and some uncommon benefits and the rules governing them. It is important for employers to “get it right” with regard to whether benefits may be excluded from wages, and if they must be included, comply with federal and state wage and tax withholding, deposit, and reporting requirements.

Who Should Attend:

• Payroll Supervisors and Personnel
  

• HR Supervisors and Personnel
  

• Public Accountants Internal Auditors
  

• Tax Compliance Officers
  

• Enrolled Agents
  

• Employee Benefits Administrators
  

• Officers and Managers with Tax or Benefits Compliance Oversight
  

•  Business Owners Managers
  

• Supervisors
  

• Public Agency Managers
  

• Auditors
  

• Compliance Personnel
  

• Risk Managers
  

Advanced Preparation: None

Program Level: Intermediate

Prerequisites: Basic understanding of Fringe Benefits

Field of Study: Taxes

You may ask your Question directly to our expert during the Q&A session.

** You can buy On-Demand and view it as per your convenience.